Tanqueray Resources Ltd. - News Release


SOURCES LTD. (TQY-TSX-V) is pleased to announce that a Letter of Intent has been entered into with Wallbridge Mining Company Limited (WM: TSX; FWB: WC7) whereby Tanqueray may earn a 50% interest in three highly prospective gold properties controlled by Wallbridge in the Kirkland Lake gold camp. The Kirkland Claims and the Verna Lake Claims are located 36 kilometers northeast of Kirkland Lake and 10 km north of Highway 101 and the Lee Claims are located 20 kilometers west-northwest of Kirkland Lake. The Kirkland Claims consist of 19 claims totaling 3,136 hectares. This property is north of and contiguous with Queenston Mining's gold discovery in the Upper Beaver Syenite Zone. A recent high resolution airborne magnetic and VLF survey completed by Wallbridge in 2008, highlighted a 4 km long magnetic feature that has been mapped as a similar syenite unit. Recent surface sampling of strongly altered syenite within this feature returned 128 g/t Au. The Verna Lake Claims consist of 7 claims totaling 1,168 hectares. Previous shallow exploration by Wallbridge identified high-grade gold intersections, including 121.7 g/t Au over 1.22 meters, and longer anomalous intervals including 41.61 meters averaging 0.373 g/t Au. This property also was recently flown using a high-resolution magnetic and VLF system. The Lee Claims are located 20 km west-northwest of Kirkland Lake. Previous surface sampling on the property has reportedly returned high gold values. Under the terms of the agreement contemplated by the Letter of Intent, Tanqueray may earn a 50% interest in the three properties by spending $3,000,000 in work commitments, and $1 million in cash payments and/or Tanqueray Shares, over a three year period. Tanqueray may increase its interest to 70% by spending an additional $3 million in work commitments and $0.75 million in cash and/or Tanqueray Shares. The work commitment can be applied to any or all of the properties at Tanqueray's discretion. Execution of a formal agreement is subject to verification of Wallbridge's title to the properties, approval by the Boards of Directors of both Wallbridge and Tanqueray, receipt of all required regulatory approvals and completion of a $2 million financing by Tanqueray. President Alan Farmer stated that "Tanqueray plans to commence drilling the Kirkland Claims in 2008 and to continue to acquire a larger portfolio of advanced projects in known gold camps. The deal with Wallbridge is an important first step in this direction." About Tanqueray - Tanqueray is a junior exploration company with interests in several exploration projects in Canada targeting gold, uranium and nickel. The Company's Baker Lake gold property is located approximately 55 kilometers south of the Meadowbank gold deposit in Nunavut. Previous exploration programs resulted in gold discoveries on the Ayak Gossan zone and several other surface zones of high-grade gold tenor. Subject to a planned financing, a 1200 meter drill program will be carried out in the summer of 2008. Other projects include an option agreement with Forum Uranium Corp. and Northern Superior Resources, Inc. (the North Thelon Joint Venture) also on the Baker Lake uranium and diamond project. Based on previous sampling and positive results from ground gravity surveys, Forum has advised that drilling could commence in the summer of 2008. The Company also plans to drill in 2008, a high grade nickel target outlined by an airborne geophysical survey on the Mum claims also in the Baker Lake Area. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release

For further information:

For further information: ALAN FARMER, President, Phone: (403) 263-9055,
Fax: (403) 263-9061

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